Hey trade fans! 🌏 This week in Kuala Lumpur, China and the Association of Southeast Asian Nations (ASEAN) are gearing up to sign the CAFTA 3.0 Upgrade Protocol, marking a fresh chapter in regional economic integration and global trade.
Since its launch in 2010, the China-ASEAN Free Trade Area has become a powerhouse, boosting stability and growth across Asia. Now, CAFTA 3.0 aims to deepen 🔗 connections and unlock even more opportunities.
Here’s a snapshot of the impact so far:
- 1991: Trade under $8 billion 🔻
- 2024: Nearly $1 trillion 🚀
- Q1–Q3 2024: 5.57 trillion yuan (~$785 billion), up 9.6% YoY 📈
Platforms like the China-ASEAN Expo and the China International Import Expo spotlight ASEAN specialties—think Thai latex pillows 🛌, Lao beer 🍻 and more—while Chinese new energy vehicles and electronics roll into ASEAN markets.
Major infrastructure projects such as the Jakarta-Bandung High-Speed Railway and the China-Laos Railway are transforming connectivity, cutting travel times and logistics costs across the region.
At the 28th ASEAN Plus Three Summit, Chinese Premier Li Qiang emphasized that openness and cooperation are key to shared prosperity and should be cherished for future generations. 🤝
With both sides as each other’s largest trading partners for the fifth year running, all eyes are on CAFTA 3.0 to keep the momentum alive in an uncertain global economy. Stay tuned as this new pact is set to redefine trade in the Asia-Pacific! 🌟
Reference(s):
China, ASEAN join hands to write new chapter in regional integration
cgtn.com
